Tribunal rules that Section 14A disallowance must be limited to investments yielding exempt income and orders recomputation under Rule 8D. It also allows ESOP expenses as a valid business deduction under Section 37(1), treating them as an ascertained liability and not a notional or capital expense.
The Tribunal held that consultancy payments for architectural services were not FTS since no technical knowledge was made available. Disallowance under Section 40(a)(i) was deleted.
The issue was whether utilisation of earlier accumulated income qualifies for fresh exemption. The Tribunal held it amounts to double deduction as exemption was already claimed earlier.
The Court examined whether an FIR without prior sanction under GST law is sustainable. It allowed investigation but restrained arrest and barred filing of the charge sheet pending further hearing.
The issue was mis-declaration of quantity, value, and classification of imported goods. The Tribunal upheld reassessment and duty demand as the importer admitted discrepancies.
The Court found that the appellate authority rejected the appeal solely on delay without examining the reasons provided. It held that such non-consideration renders the order unsustainable and directed fresh adjudication.
The Court emphasized the need for fair opportunity before finalizing tax demands. The petitioner was allowed to respond to the show-cause notice in fresh proceedings.
The issue involved denial of refund on the ground that services were intermediary in nature. The Court held that absence of findings on the agreement and nature of services invalidated the order. The matter was remanded for fresh adjudication with proper analysis.
The issue involved whether fresh scrutiny could be initiated after filing a modified return under Section 170A. The Court held that where assessment is already completed, the AO can only modify income to give effect to reorganisation.
The Court set aside the Tribunals order as it relied on a precedent later reversed by the Supreme Court. The matter was remanded for fresh determination based on correct legal principles.
